Macquarie: BULLISH

Rating: Outperform

Price target: $875

Comment: "As we have previously stated, at a high level, the AMZN story is as simple as it's ever been. Only two things matter: Prime and AWS, both of which are dominating and we believe will continue to do so. We also believe that both will continue to allow the company to expand margins even as it invests in fulfillment, video, India, AWS capacity, and emerging businesses."

Jefferies: BULLISH

Rating: Buy

Price target: $950

Comment: "Here again are the key reasons to own the stock:

1) AMZN is best positioned to benefit from the secular shift of commerce from offline to online (from ~10% penetration today to 25%-30% longer term) and the company continues gaining market share by reducing friction for shoppers (offering better selection, product availability and higher service levels);

2) AMZN's ability to get purchases to consumers fast is a huge differentiator that drives growth in existing and new categories;

3) the global AWS opportunity is a revenue growth engine with corresponding margin accretion to the overall business;

Oppenheimer: BULLISH

Comment: "Following exceptional 2Q results on revenue & margins, we are raising our target to $941 from $930. Gross profit accelerated, driven by AWS, shift to third party and Intl. SOI margins improved 230bps, showing another quarter of scale benefits.

"AWS margins improved 200bps q/q. Management reiterated bullish sentiment on Intl. Prime, as revenue growth ex. FX accelerated by 200 bps to to 28% y/y. AWS pricing stable, as demand for products/services appears strong, even if some large enterprises/competitors move part of their storage and processing to other cloud providers."

Stifel: BULLISH

Rating: Buy

Price target: $888

Comment: "We see capex results and commentary from Alphabet, Amazon, Microsoft and Facebook as indicative of hyper scale capital expenditures being poised to expand in 2016, driven by 100G adoption both intra- and inter-data center."

CLSA: OUTPERFORM

Comment: "We still see room for more upside from CBT into/out of China, advertising and expanding prime SKUs, yielding 20% potential upside to our Ebitda estimate in 2018."

Deutsche Bank: BULLISH

Rating: Buy

Price target: $985

Comment: "Stepping back from the metrics, Amazon remains arguably the best-positioned mega-cap tech company measured by its massive TAM and leadership position, and we would add to positions. Buy."

RBC Capital Markets: BULLISH

Rating: Outperform

Price target: $840, raised from $800

Comment: "AMZN continues to generate consistently robust revenue growth while margins rise ... A winning combination. And we believe these trends to be sustainable, because:

a) Amazon's two key end-markets (Retail and Cloud Computing) are only 10% penetrated;

b) the Competitive Moats around AMZN are getting deeper due in part to sheer scale;

and c) Amazon's execution is excellent."

Morgan Stanley: BULLISH

Rating: Overweight

Price target: $800

Comment: "While concerns about investment holding back near-term margin expansion may concern some investors near-term, we are bullish about the long-term return on this spend and likely impact on AMZN's business for four main reasons:

• The fulfillment build is demand-driven ...

• AMZN is stepping up content investment ...

• Amazon is pressing to win India ...

• Amazon's scale allows them to invest without materially denting the 2017 P&L."